One personal and business bank account provider has recently announced that it will be offering a broad range of commitments on all of its ISA offerings.
All of Lloyds TSB‘s ISA products will now be subject to its Cash ISA Commitments programme. The new collection of guarantees were specifically designed to offer both reassurance and clarity to customers taking out a package from the High Street giant.
Among the new guarantees that the lender now provides to its ISA customers is one regarding funds transfers from other banking providers. Lloyds TSB has pledged that those who switch will begin to accrue interest from the day they submit and complete their application document.
Additionally, the financial services provider has also offered two new ISA products. One of these new offerings is a two-year fix at 3.15 per cent interest.
In related news, one industry expert has recently urged savers to take full advantage of their yearly ISA allowances in the face of yet another month of the BoE maintaining its 0.5 per cent base rate.
The Bank of England’s Monetary Policy Committee’s recent decision to continue to uphold the historically low base rate spurred Willis Owen’s Alan Easter to advise savers on the merits of taking out an ISA.
Mr Easter stated that no surprises were had when the MPC decided to hold the current rate. However he added that savers who are seeing their investments erode due to rising inflation give it particular significance.
The ISA allowance should be the first thing savers avail themselves of, the industry expert stated. This is especially important due to the tax-free nature of ISAs, he added.
The announcement comes on the heels of Nationwide’s Robin Bailey stating that taking out an ISA is one of the dwindling number of opportunities savers have to preserve their hard-earned pre-tax earnings.